_edited.png){kind=logo}
_edited.png)
Open Banking
In-a-Box
Open Banking
Open banking is the practice of sharing customer data between banks, third parties and aggregators in order to promote a more transparent, competitive, and consumer-friendly financial landscape.
Successful implementation of Open Banking involves motivated and prepared market players and effective regulations and regulatory oversight.
Regulation
_edited.png)
Effective regulatory oversight ensures that consumer rights are protected, in that they retain control over and can securely share their financial data. Key issues include:
Access
To balances, transactions, payments and products
Portability
To switch between banks and provide access to third parties
Consent
For access to data and revocation of same – with notification to data holders
Transparency
On collection and use of data: what data is being used and why
Data Protection
In terms of access to and use of data and against data breaches
Preparation
_edited.png)
Open Banking also requires motivated and prepared market players (banks, third parties and aggregators) with well-formed business and technology strategies.
Some of the key components from a technology perspective are:
APIs: to provide a standardised way for different software systems to communicate
Data Formats: to ensure interoperability across the entire ecosystem
Security Protocols: to protect consumer data from unauthorised access
Customer Authentication: to ensure that only authorised individuals can access and share their financial data
Error Reporting: Open banking standards provide mechanisms for error handling and reporting issues that might arise during data exchange.
A Framework for New Services
.png)
Open banking offers a framework within which any number of financial services can be enabled for individuals and companies. Examples of the possibilities include:
Payment Initiation
Retailers can initiate payments directly from a customer's bank account
Account Aggregation
Offering a more comprehensive view of a client's financial status
Automated Budgeting
Easier and more effective tracking of income and expenditure
Invoice Reconciliation
Automate the process of matching invoices to transactions
Personalised Marketing
Targeted promotions directly related to spending habits
Open Banking-in-a-Box
.png)
Ostia provides a solution to help banks to quickly and cost-effectively enter the open banking marketplace and meet their regulatory compliance requirements.
We call it Open Banking-in-a-Box.
Open Banking-in-a-Box provides:
-
Compliance
Certified Compliance in 4-weeks
-
Integration
A straightforward integration project rather than a development project
-
Performance Measurement
Compliance and performance measurement
-
Savings
Huge time, cost and effort savings
-
Platform for Innovation
A platform for ongoing compliance and innovation
Open Banking-in-a-Box
.png)
Compliance
Ostia provides banks with a secure and fully compliant implementation of the “API Ecosystem” required to fulfill their obligations under the Open Banking Regulations; covering access, portability, consent, securtiy, reporting and all required technical components.
We deliver Sandbox, Test and Production Environments – all configured identically – to ensure an optimum experience for onboarding third-party technology companies.
Integration
Full integration with the banks systems will take between 2 and 4 weeks and includes:
one
two
three
four
five
.png)
.png)
Performance Measurement
Ensure that your APIs....
one
two
three
four
five
Platform for Innovation
In addition to initial compliance, we provide the platform to update compliance requirements and innovate.
One
two
three
four
five
.png)
.png)
Cost
Ostia delvers this solution at a fraction of the cost of in-house development or other providers.
One
two
three
four
five